thirteen Eligibility – Characteristics Qualities Greeting: ? Single Family unit members Products ? FHA Accepted Condos ? Prepared Equipment Developments (PUDS) ? 2-Unit properties Ineligible Attributes: ? 3-4 Unit qualities ? Manufactured homes ? Funding qualities ? Rental Land ? Co-ops ? Relaxation, vacation, otherwise 2 nd land

fifteen SAPPHIRE Program Matter Program Description County RestrictionAvailable in the Says Out of Ca, Las vegas, nevada, Arizona, Texas And you will UTAH Just! System Models ? FHA 29 12 months Repaired ? Va 31 Seasons Fixed Maximum LTV ? FHA – % ? Va 100% Max CLTVFollow FHA and you will/otherwise Va advice Maximum Amount borrowed FHA: The newest lower out of $417,000 (not including MIP) or FHA allowable limit Virtual assistant: New cheaper regarding $417,000 (and additionally VAFF) otherwise Va deductible maximum Financing PurposePurchase OccupancyOwner Filled Down-payment Assistance Grant : 3% or 5% readily available Can be used to satisfy the borrower’s security contribution expected toward FHA step 1 st Home loan, closing costs, pre-paids, Virtual assistant allowable charge each Virtual assistant guidelines

17 Underwriting Advice TopicGuidelines Underwriting Strategy Deductible underwriting approach: ? Fannie mae Desktop Underwrite (DU) welcome ? Should be exposure obtained of personal loans Montreal WI no credit check the FHA Scorecard ? Approve/Eligible testimonial ? Guide UW greet FMC Overlays pertain **Except if specifically given, follow practical FHA direction Including First-mortgage FHA overlays** Lowest Credit ratings ? 620 ? Non-Antique Tradelines Prohibited Maximum Debt Ratio ? DU Approved loans Realize DU recognition to max fifty% DTI ? Instructions UW funds Go after trader advice in addition to FMC overlays Supplies ? Nothing required Follow department advice Mortgage In. ? Follow important FHA MIP

18 Underwriting Guidelines TopicGuidelines Homebuyer Knowledge ? Not needed Low-Renter Co- borrowers/Co-signers ? Prohibited Current Letter ? Present Page required, for every HUD insuring requirements Tax Transcripts ? Follow FMC’s simple 4506-T plan Assets Flips ? Greet Go after HUD advice Plus FMC overlays

19 UW Assistance cont’d… TopicGuidelines Vendor Contributions Desired up to six% Present FundsAllowed out-of friends Pursue 4155 Prepayment Penalty Zero Prepayment Punishment AssumabilityNot desired *** Almost every other conditions Follow FHA 4155.step 1 direction As well as FMC overlays***

FMC is sold with new grant on all of our lenders instructions so we more cord the total amount when we fund our very own mortgage which means, i no further waiting an additional 24 hours to fund a good Sapphire loan

twenty two Restrict Allowable Charges TopicGuidelines Interest levels ? On the Reservation Site, And/or FMC Price Sheets Maximum Origination Fee ? Get hold of your FMC Service Class having fees and you will payment Dismiss Charges ? Nothing invited Discount Pricing ? Nothing offered Level pricing merely Allowable Fees ? Have to be practical and you may classic and you may fully uncovered to the debtor according to all of the providers, government, condition and you can local guidelines – Make reference to ML 2009-53 to possess HUD difference in order to itemizing fees ? Get hold of your FMC Service Party to possess allowable fees Program CodeFHA: F30FMP Va: V30FMP

24 Financing Procedure Borrower need meet with the following requirements: step 1. dos.FMC Branch submits the completely processed document to Underwriting to possess financing acceptance step three.Up on loan approval, the Part try notified to reserve finance and you can lock loan 5.FMC intimate/pre-finance 1 st mortgage loan six.

FMC underwrites the mortgage 4

25 NHF’s EIN # ? NHF’s EIN #: 42-1549314 ? We’re needed to reflect NHF’s EIN into the HUD’s FHA Loan Underwriting and you can Transmittal Realization along with second funding recommendations, provides otherwise gift suggestions towards borrower when the borrower is receiving an enthusiastic FHA First mortgage.

26 NHF Scheduling Portal Debtor must meet the following conditions: ? Reservations could well be managed during the FMC Branch level by using the Reservation Site into NHF web site nhfloan.orgnhfloan.org ? New Booking Portal will likely be reached Tuesday through Friday between nine:00 Was and you will 4:00 PM PST. ? To access the latest Scheduling Webpage, good Representative ID is employed. ? You to definitely associate ID and you can Passcode might possibly be allotted to for each department by the Vendor Assistance group at FMC. All past user ID’s have been de-triggered. ? The new Scheduling Portal will identify if or not a loan subscription first qualifies predicated on Income and you may Credit rating Constraints guidance offered, and gives a digital confirmation (Union Confirmation) of the subscription and that must be provided regarding financing file.